Retirement Financial Planning Among Malaysian Millennials: Insights From the Theory of Planned Behavior

ABSTRACT This study explores how the components of the Theory of Planned Behavior (attitude, subjective norms, and perceived behavioral control) affect retirement financial planning among Millennials in the Klang Valley, Malaysia, focusing on the moderating role of financial self‐efficacy. A quantitative approach was adopted, with survey data collected from Malaysian Millennial respondents and analyzed using SmartPLS software. The results indicated that attitude is the strongest predictor of retirement financial planning, followed by perceived behavioral control. However, subjective norms showed no significant effect. Financial self‐efficacy was found to negatively moderate the relationships between all three behavioral components and retirement financial planning. These findings provide valuable insights for stakeholders seeking to enhance Millennials' retirement readiness, financial independence, and quality of life in later years.